Volcker the Man Blasts Volcker the Rule in Letter to Fed Chair

(Bloomberg) The recent revision of Volcker Rule limits on banks’ ability to speculate with their own capital has cost regulators a meaningful supporter: Paul Volcker. The former Federal Reserve chairman, who championed the restrictions while serving as an adviser to President Barack Obama after the 2008 financial crisis, said regulators have used “simplification” as an excuse to weaken the rule’s core concepts.